Never underestimate this nimble giant
? Astro Malaysia’s FY1/22 core net profit was slightly above our expectation,
thanks to a lower effective tax rate and overall operating costs.
? The group tried to temper expectations of a marked yoy earnings recovery in
FY1/23F, since the socio-economic landscape is still on the mend.
? However, we are of the view that Astro’s strategy of bringing in more
streaming services could lure cord-cutters back to the fold.